A lost cause of action?

In 2012, the Financial Services Authority (FSA) identified failings in the way some banks sold customers interest rate hedging products (IRHPs).1 These findings led to nine banks participating in the FSA-approved2 past business review (the Review), which has resulted in over 18,200 businesses receiving redress payments in excess of £2.2bn.3 Despite these payments, the banks involved have been subject to extensive litigation over the past five years, principally by customers deemed “sophisticated”4 under the Review and so ineligible for redress compensation.